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Recently, the Central Board of Indirect Taxes and Customs has provided guidelines for the full electronic submission and processing of refund applications through FORM GST RFD-01A along with single disbursement via Circular No. 125/44/2019 – GST dated 18th November 2019. As per this latest GST circular, CBIC has made all the necessary arrangements to make […]
Peculiarly, the sector that sums up half of India’s employment – Agriculture, has been overlooked and Indian farmers have been sufferers of ineffective policy and its inept implementation under the Five-Year-Plans Regime. Since the beginning of the Five-Year-Plans era when the successive government entered the administration and numerous policy revamps have taken place since independence, […]
As per the latest notification, dated 26th December, 2019, released by the Central Government, a few amendments in the Central Goods and Services Tax Rules, 2017, have been proposed. According to the new rule, “20 per cent” ITC for non-invoice returns is now replaced with “10 per cent” ITC, effective from the 1st January, 2020. […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
The notification released by the Central government on 26th December, 2019 stats that, effective from the 1st January, 2020, “20 per cent” ITC for non-invoice GST returns will be replaced with “10 per cent” ITC. The notification proposes a few changes in the Central Goods and Services Tax Rules, 2017. According to the new rule, […]
ITC reconciliation is a hectic task which not only requires patience but also money and proper techniques. Therefore people often depend upon expert tax professionals for the accomplishment of their reconciliation tasks. Nowadays most of the professionals ignore ITC reconciliation while filing GST returns for their clients’ reasons could be more time consumption or the […]
A ‘NIL’ refund claim was filed by numerous registered persons for a certain period of time in form GST RFD-01A/RFD-01 on a common portal. Many of them filed it unintentionally despite the fact that they were eligible for claim for that particular period and under that particular category. This might have happened because of a […]
GST Forms – Sahaj and Sugam are proposed for claiming the Input Tax Credit (ITC). Well, alike GSTR-1 these Forms too don’t seem to be simple for the GST payers and are anticipated to continue hardships for availing ITC. However, we can not ascertain the complexity level until the proposed Forms actually be used for […]
The decline in the tax collection, Lower GDP, Complexity in filing & Non-competitive exports have proved a disappointing design of GST. However, according to Punjab FM Manpreet Singh Badal, GST can be redesigned & revisited and this is how the imperfections in GST can be transformed to perfection. He said, “GST has been a disappointment, […]
